RFG issues trading halt amid asset sale speculation

Beleaguered franchisor Retail Food Group has issued a trading halt amid speculation the business is looking offload a number of its assets, including Crust Pizza, in article on the AFR.

The company notes it has previously announced it is seeking to repay its debt by various means, “including the investigation of possible sale of assets.”

“That process is ongoing, although no formal binding agreement has been reached with any buyer at this stage in respect of any of RFG’s assets,” the company stated in an announcement to investors.

“Insofar as an amount for the sale of Crust Gourmet Pizza is speculated in the AFR article, that amount exceeds RFG’s expectations as to the sale price for that asset if it was to be sold as a part of that process.”

The AFR article speculated Crust would be worth about $100 million.

It was previously reported the franchisor was working with 333 Capital and KPMG to explore recapitalisation options, including the potential sale of assets Crust Pizza, Pizza Capers and its Hudson Bakery business.


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